Greece-based Tsakos Energy Navigation Ltd (TEN) has reported first-quarter profit of $37.3 million from $14.6 million in Q1 2014 - a 156% Increase. On a per-share basis it has profit of 42 cents.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.
The oil and gas shipping company posted revenue of $114.3 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $111.6 million.
EBITDA of $72.0 million, a 46% Year-on-Year increase from first quarter 2014.
With 23 vessels operating on very accretive spot contracts and 10 under profit-sharing arrangements, TEN remains steadfast in its efforts to fully reap the rewards on offer in the crude space (and with the products market not that far behind).
With 73% of 2015 available days in spot related or flexible charters and most vessels of the fleet at charters well above all-in breakeven rates, management is confident that TEN's increased earnings will be reflected directly to its bottom line and share price.
"The first quarter results and the continuous market strengths give us confidence for a very profitable 2015. Looking ahead, the existing supply-demand equilibrium together with the low price of oil enforces our belief that we are in the midst of, finally, a long term up-cycle in the tanker industry," stated Nikolas P. Tsakos, President and CEO of TEN and current Chairman of INTERTANKO.
"If tanker owners refrain from the speculative newbuilding frenzy of the past, the current positive cycle will be prolonged and will substantially increase shareholder value for the long term,” Tsakos added.